Lamar reported net revenues of $288.2 million for the fourth
quarter of 2011 versus $275.7 million for the fourth quarter
of
2010, a 4.6% increase. Operating income for the fourth
quarter of 2011 was $45.9 million as compared to $32.8
million for the same period in 2010. Lamar recognized $6.4
million in net income for the fourth quarter of 2011 compared
to a net loss of $7.1 million for the fourth quarter of
2010.
Adjusted EBITDA, (defined as operating income before non-cash
compensation, depreciation and amortization and gain on
disposition of assets - see reconciliation to net income
(loss) at the end of this release) for the fourth quarter of
2011 was
$125.8 million versus $115.4 million for the fourth quarter
of 2010, a 9.1% increase.
Free cash flow (defined as Adjusted EBITDA less interest, net
of interest income and amortization of financing costs,
current taxes, preferred stock dividends and total capital
expenditures - see reconciliation to cash flows provided by
operating activities at the end of this release) for the
fourth quarter of 2011 was $63.9 million as compared to $59.2
million for the same period in 2010, a 7.9% increase.
Pro forma net revenue for the fourth quarter of 2011
increased 4.0% and pro forma Adjusted EBITDA increased 8.5%
as compared to the fourth quarter of 2010. Pro forma net
revenue and Adjusted EBITDA include adjustments to the 2010
period for acquisitions and divestitures for the same time
frame as actually owned in the 2011 period. Tables that
reconcile reported results to pro forma results and operating
income to outdoor operating income are included at the end of
this release.

Twelve Months Results

Lamar reported net revenues of $1,133.5 million for the
twelve months ended December 31, 2011 versus $1,092.3 million
for the same period in 2010, a 3.8% increase. Operating
income for the twelve months ended December 31, 2011 was
$186.4 million as compared to $139.5 million for the same
period in 2010. Adjusted EBITDA for the twelve months ended
December 31, 2011 was $487.1 million versus $465.2 million
for the same period in 2010. There was net income of $8.6
million for the twelve months ended December 31, 2011 as
compared to a net loss of $40.1 million for the same period
in
2010.
Free Cash Flow for the twelve months ended December 31, 2011
decreased 10.6% to $224.8 million as compared to $251.5
million for the same period in 2010, primarily due to the
increase in capital expenditures of $63.6 million over the
comparable period in 2010.

Liquidity

As of December 31, 2011, Lamar had $274.1 million in total
liquidity that consists of $240.6 million available for
borrowing under its revolving senior credit facility and
approximately $33.5 million in cash and cash equivalents.

Tender Offer. Also, on February 9, 2012, Lamar Media
announced the results of the early settlement of its tender
offer to purchase, for cash, up to $700 million of its
outstanding 6 5/8% Senior Subordinated Notes due 2015, 6 5/8%
Senior Subordinated Notes due 2015-Series B and 6 5/8% Senior
Subordinated Notes due 2015-Series C (collectively, the "6
5/8% Notes"). As of February 8, 2012, the early settlement
date of the tender offer, Lamar Media received tenders in
respect of $582.9 million aggregate principal amount of 6
5/8% Notes, $483.7 million of which were accepted for
purchase on February 9, 2012 by Lamar Media for a total cash
payment (including accrued and unpaid interest up to but
excluding February 9, 2012) of $511.6 million. The tender
offer will expire at midnight, New York City time, on
February 24, 2012, unless extended or earlier
terminated.

Guidance

For the first quarter of 2012 the Company expects net revenue
to be approximately $264 million. On a pro forma basis this
represents an increase of approximately 3%.

Forward Looking Statements

This press release contains forward-looking statements,
including the statements regarding guidance for the first
quarter of
2012. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from
those projected in these forward-looking statements. These
risks and uncertainties include, among others; (1) our
significant indebtedness; (2) the state of the economy and
financial markets generally and the effect of the broader
economy on the demand for advertising; (3) the continued
popularity of outdoor advertising as an advertising medium;
(4) our need for and ability to obtain additional funding for
operations, debt refinancing or acquisitions; (5) the
regulation of the outdoor advertising industry; (6) the
integration of companies that we acquire and our ability to
recognize cost savings or operating efficiencies as a result
of these acquisitions; (7) the market for our Class A common
stock and (8) other factors described in our filings with the
Securities and Exchange Commission, including the risk
factors in item 1A of our 2011 Annual Report on Form 10-K, as
supplemented by any risk factors contained in our Quarterly
Reports on Form 10-Q. We caution investors not to place undue
reliance on the forward-looking statements contained in this
document. These statements speak only as of the date of this
document, and we undertake no obligation to update or revise
the statements, except as may be required by law.

Use of Non-GAAP Measures

Adjusted EBITDA, free cash flow, pro forma results and
outdoor operating income are not measures of performance
under accounting principles generally accepted in the United
States of America ("GAAP") and should not be considered
alternatives to operating income, net income (loss), cash
flows from operating activities, or other GAAP figures as
indicators of the Company's financial performance or
liquidity. The Company's management believes that Adjusted
EBITDA, free cash flow, pro forma results and outdoor
operating income are useful in evaluating the Company's
performance and provide investors and financial analysts a
better understanding of the Company's core operating results.
The pro forma acquisition adjustments are intended to provide
information that may be useful for investors when assessing
period to period results. Our presentations of these measures
may not be comparable to similarly titled measures used by
other companies. Reconciliations of these measures to GAAP
are included at the end of this release.

Conference Call Information

A conference call will be held to discuss the Company's
operating results on Wednesday, February 22, 2012 at 9:00
a.m. central time. Instructions for the conference call and
Webcast are provided below:

Lamar Advertising Company is a leading outdoor advertising
company currently operating over 150 outdoor advertising
companies in 44 states, Canada and Puerto Rico, logo
businesses in 22 states and the province of Ontario, Canada
and approximately 60 transit advertising franchises in the
United States, Canada and Puerto Rico.